On 24 April 2024, the European Parliament enacted a comprehensive Anti-Money Laundering (AML) Package, formally published on 19 June. This legislation significantly enhances the EU’s arsenal against financial crime.
The AML Package comprises three key elements:
- Sixth Anti-Money Laundering Directive: This directive outlines member state obligations to prevent the financial system from being exploited for money laundering and terrorist financing. It mandates enhanced supervision, empowers Financial Intelligence Units (FIUs), and expands access to crucial information such as beneficial ownership registers and assets held in special economic zones. Implementation is phased, with most provisions effective by 10 July 2027.
- Single Rulebook Regulation: This directly applicable regulation establishes uniform rules for customer due diligence, beneficial ownership transparency, and the use of anonymous instruments like crypto-assets. It also covers emerging sectors such as crowdfunding. The regulation takes effect on 10 July 2027, with a later implementation date for football-related entities.
- Anti-Money Laundering Authority (AMLA): This newly created EU authority, based in Frankfurt, will oversee AML/Counter-Terrorist Financing (CFT) compliance. With supervisory and investigative powers, the AMLA will directly supervise high-risk financial institutions, intervene in supervisory failures, and coordinate member state authorities. Its operations commence on 1 July 2025.
Additional measures include:
- A EU-wide cash payment limit of €10,000 (member states can set lower thresholds).
- Heightened supervision of high-net-worth individuals (assets exceeding €50 million).
- Strengthened customer due diligence and reporting obligations for suspicious activities.
The AML Package empowers FIUs to more effectively detect and prevent financial crime, while granting broader access to beneficial ownership information for authorized parties.
To comply with the new AML regulations, obliged persons and financial institutions need robust screening solutions. StartKyc offers a pay-as-you-go AML screening service that can help professional and businesses meet these challenges. With StartKyc, you can conduct comprehensive checks on customers and beneficiaries, identify high-risk individuals, and monitor individual and entities for possible suspicious evolutions.
By leveraging advanced technology and expert analysis, StartKyc helps you mitigate risks and ensure compliance.